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Tontines in Canada: Moving from theory to practice as a solution to our retirement crisis Sep 29th
For years in his academic papers and some of his 17 published books, famed Canadian finance professor Moshe Milevsky described the history and theory behind a seemingly obscure retirement/longevity insurance structure known as the “tontine.”
Milevsky, who works at the Schulich School of Busi.... More »
Tech Entrepreneur Lauryn Vaughn Is Changing the Resale Fashion Game Jul 15th
My entire career has been about using technology to sell upscale consignment clothing. But my starting point was in traditional fashion: When I was a commerce student at the University of Calgary, I landed an internship with the designer Paul Hardy. That was my introduction to retail behind the scen.... More »
Home insurance guide + MORE Dec 26th
Our guide to home insurance is here to remove the confusion and help you understand what home insurance is, whether you need it, how much it costs, and what it does and doesn’t cover. We break it down in a way that will help you get the best coverage for your home, your valuables and your budget.&.... More »
How to find affordable home insurance Jul 11th
Affordable home insurance: Does it even exist? According to Ratehub.ca, an aggregator website, the average Canadian household pays $960 per year, or $80 per month, for home insurance. That’s a lot of money when you consider all the other costs that come with owning and maintaining a home.
.... More »
Why newlyweds need term life insurance + MORE Oct 14th
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The post Why newlyweds need term life insuranc.... More »
How to ensure your insurance: Roseman
– thestar.com
Slipping behind on insurance payments can cost you a lot more than late fees.Auto Insurance Changes now in Effect in Ontario
– ratesupermarket.ca
As of June 1st 2016, changes have been made to your auto insurance. Most of them are minor in nature and take place within the Accident Benefits portion of your policy. This will have an impact on your insurance when you renew or buy into a new policy.
Auto Insurance Changes
Here’s what you can expect going forward:
If you are involved in a minor collision, your premium will not change if:
• The collision happened on June 1, 2016 or after that date
• There are no injuries and there is less than $2,000 worth of damage per vehicle
• None of the people involved submits an insurance claim for payment
• As the driver at fault, you pay for all damages
Disclaimer: this can apply to you as long as you only have one minor accident every three years.
Monthly premium decrease:
The maximum interest rate that a policyholder must pay for an annual policy has now been reduced from 3.0 to 1.3 per cent. Similar reductions are in place for shorter term policies.
Comprehensive coverage:
If you have comprehensive coverage on your policy, the deductible has increased from $300 to $500…
Can an RDSP be seized by a creditor?
– moneysense.ca
Q: My adult daughter has a Registered Disability Savings Plan. But she has a bad credit record and there are still a few creditors out there who haven’t been settled with. Do you know if an RDSP can be seized by a creditor?
— Stressed in Sarnia, Ont.
A: Sorry to break it to you, but there is no specific creditor-proofing for RDSPs. “It’s something the feds have identified but I haven’t heard of any actual policy proposals,” says Joel Crocker of the Planned Lifetime Advocacy Network. That being said, your daughter isn’t necessarily bereft of options to protect her savings. “One way to get creditor protection may be to purchase segregated funds in your RDSP, as these are considered insurance products and are exempt from creditor claims,” says Toronto fee-only planner Jason Heath. Keep in mind, however, that you also pay higher annual operating expenses for these types of funds, which can lower your investment returns.
The post Can an RDSP be seized by a creditor? appeared first on MoneySense.
— Stressed in Sarnia, Ont.
A: Sorry to break it to you, but there is no specific creditor-proofing for RDSPs. “It’s something the feds have identified but I haven’t heard of any actual policy proposals,” says Joel Crocker of the Planned Lifetime Advocacy Network. That being said, your daughter isn’t necessarily bereft of options to protect her savings. “One way to get creditor protection may be to purchase segregated funds in your RDSP, as these are considered insurance products and are exempt from creditor claims,” says Toronto fee-only planner Jason Heath. Keep in mind, however, that you also pay higher annual operating expenses for these types of funds, which can lower your investment returns.
The post Can an RDSP be seized by a creditor? appeared first on MoneySense.
Alumni life insurance gets a failing grade
– moneysense.ca
(Getty Images/Charlie Roy)Think twice about purchasing a “discounted” term life insurance policy from your alma mater. Why? Those exclusive rates for university grads aren’t that great of a deal, according to insurance expert Lorne Marr of LSM Insurance. While easier to apply for than standard life insurance (just a questionnaire and usually no medical tests required), the actual rates offer less value and policies are limited, he says. For starters, there are fewer personalization options and, typically, alumni life insurance policies are only offered for five-year terms, meaning your premiums would go up after that time. Also, if you’re in good health, don’t expect to receive preferred rates with an alumni policy, either. Consider a five-year term life insurance quote offered by the University of Toronto, as underwritten by Manulife: A 30-year-old woman would have to pay premiums of $12.25 per month for $245,000 of coverage. Meanwhile, a broker could get you a $250,000, 10-year term policy for $11…
